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Rio Tinto completes divestment of Qld coal assets

August 7, 2018 • Mining & Resources

Rio Tinto has wrapped up the sale of remaining coal assets in Queensland, just four months after agreeing to sell its 80% interest in the Kestrel underground coal mine in the coal rich Bowen Basin for $2.25 billion.

Totaling $3.95 billion, the deals include the sale of Rio Tinto’s interests in the Hail Creek coal mine and Valeria coal development project to Glencore for $1.7 billion, and its interest in the Kestrel underground coal mine to a consortium comprising private equity manager EMR Capital and PT Adaro Energy Tbk for $2.25 billion.

Commenting on the transactions, Rio Tinto chief executive J-S Jacques said:

“The sale of our remaining Australian coal assets delivers exceptional value to our shareholders,” he stated.

“Once again, I would like to thank the many people across Rio Tinto and the communities in which we operate who have contributed to the coal business. I wish them continued success under new ownership.”

Image credit: http://www.riotinto.com

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